Property Tax: Number of 26QB form required in case of multiple owners and sellers

Property Tax: Number of 26QB form required in case of multiple owners and sellers

I am purchasing one property in which my wife(working) is co-owner, however all the payment has been made from my account and even home loan is also in my name. Sales deed has my wife's name and PAN .
The property has currently the joint ownership of seller and his wife.
Please let me, how many 26QB form do i need to fill?
Also, Is there any other form apart from 26QB that i need to fill for paying TDS?

Asked 3 years ago in Property Tax

Dear Sir,

Hope you are doing well !!

Ideally,Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.

However, in your case, entire payment has been made by you then you don't require to file 26qb for your wife's name as you will be treated as legal owner of property as per income tax law.

You need to file two forms for the same-one buyer and two sellers, two forms have to be filled in.

No, there is no other form for TDS deduction.

We may assist you in entire compliances and filings.

It is advisable to take a phone consultation for detailed discussion.

Payal Chhajed

CA, Mumbai

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Since you're making the payments, there won't be any form 26QB for your wife.

If you have paid to both sellers, the would be 2 26QB.

If payments have been made in more than 1 month, the number of forms would increase accordingly.

No other filing for TDS. 26QB is a challan cum statement.

Lakshita Bhandari

CA, Mumbai

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- In case of husband and wife, spouse which finances the property is treated as owner of the property otherwise clubbing provisions get attracted. In your case, house is entirely financed by you either through home loan or self accumulated savings. Name of wife or close relative is added as a customary practice or for security purposes. All home loan deductions will be available to you.

- If you are making payment entirely to seller husband or wife then only one Form 26QB is required otherwise two Form 26QB are required. Deduct TDS@0.75%. Please check the residential status of seller i.e. Resident or NRI. In case of NRI, TDS will be deducted @20%+surcharge+cess on sale consideration. Fill Form 26QB very carefully otherwise rectifications take too much time. After filing of Form 26QB, register yourself on Traces portal and download Form 16B and share with the sellers.

- As your wife is also working, I would suggest to go for proper tax planning so that benefit of home loan deductions can be availed by both. Also in case house is sold later on , capital gain will be divided and tax liability will be minimum in each hand.

- Also get the vetting of the deed properly.

For detailed discussion, please contact personally.